CASH Plus Limited on Friday failed in its effort to secure leave to appeal the "onerous" conditions imposed by the Supreme Court Wednesday which granted the alternative investment player a stay of the cease and desist orders served on it by the Financial Services Commission (FSC) last December.

Cash Plus had on Wednesday sought the stay of the orders, which the FSC issued on December 29. The FSC said then that the cease and desist orders were necessary as Cash Plus had been trading in securities without the required licence.

Following arguments Wednesday from Cash Plus attorneys from the law firm Knight Junor and Samuels, Justice Patrick Brooks granted the stay but with the condition that Cash Plus not accept any new members and that it accepts no further investments from current members, among other things.

The stay of the cease and desist orders will be in effect until or either an appeal filed by Cash Plus on January 10 against the order is heard, or the matter concerning whether the entity should be regulated by the FSC is determined. That matter is to commence on January 23, before Justice Brooks.

In arguing against the leave to appeal the conditions, Acting Solicitor-General Patrick Foster submitted that the conditions imposed would not have prevented Cash Plus from servicing the needs of its existing members and making payouts to them. He also said that the conditions would not impact on the operations of Cash Plus.

Justice Brooks also accepted arguments by Foster that Cash Plus had not shown that it could be successful in the Court of Appeal. Justice Brooks also granted leave for Cash Plus to appeal his decision.

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